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Abstract: It is well accepted that households increase consumption of goods and services in response to an unexpected increase in wealth. Consensus estimates of this wealth effect are in the range of 3 to 5 cents of additional consumption spending in the long run for each additional dollar of More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Participants in 401(k) plans are more likely than other workers to list "retirement" as their main reason for saving, to hold individual retirement accounts and to invest in the stock market. There are two possible reasons for these differences: (1) workers who like to save choose to More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: This paper investigates the composition of households' assets and liabilities in the United States. Using aggregate and survey data, we document major trends in household portfolios in the past 15 years. We show that, despite the broad array of financial products available, the portfolio More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Abstract: Because employer-provided pensions represent an important source of income during retirement, accurate information on pension coverage would seem to be crucial for making sound decisions on retirement timing, saving, and portfolio allocation. However, previous research suggests that More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The case is often made that financial education leads to improved financial decisions. In this paper, we begin by assessing the need for financial education by reviewing national trends in savings, debt, and retirement funding as well as by reviewing the literature linking personal financial More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This project examines the impact of employer-provided financial education for newly hired workers on contributions to voluntary retirement savings plans. Using administrative data from five large employers, the researchers assess the impact of information and delivery methods on the choice to More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The Social Security Statement is sent annually to each individual over age 25. The Statement contains information regarding the Social Security program, the individual's past covered earnings and contributions, and an estimate of the individual's future retirement benefits. Given the complexity of More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Innumerable studies over the past decade have shown that many people lack the basic knowledge of the Social Security system necessary for making informed decisions about when to retire and claim benefits, a decision which will impact their savings and their overall financial security. Accordingly, More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This paper investigates the effectiveness of both videos and narratives in improving people's understanding of five basic concepts in financial planning: (1) compound interest; (2) inflation; (3) risk diversification; (4) tax treatment of retirement savings vehicles; and (5) employer matches of More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The authors conducted a field experiment to evaluate the effect of receiving information about the retirement savings decisions of one's peers. Non-participants and low savers in one firm's 401(k) plan received letters enabling them to enroll or increase their plan contribution rate by returning a More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012